Panasonic Confirms Sanyo Deal

Confirming reports from earlier in the week, Panasonic said Friday that it indeed plans to purchase rival Sanyo. According to Reuters the deal, which will cost an estimated $8.8 billion, would make Panasonic the second-largest conglomerate in the world with an electronics division, after GE.

Panasonic's interest in the deal stems largely from Sanyo's rechargeable battery operation, as well as solar equipment. Both would help fortify the company's position in regards to green energy.

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